Morning traders. Thanks loungers, especially @Ravgnome.
Outlook for the day: Neutral following a two-year high for European stocks, a mixed night on commodity markets and a US market holiday.
ASX futures: up 1 point or 0.01%
Overnight themes:
Europe's stock benchmark edges to a two-year high while Wall Street is closed for President's Day.
The pan-European Stoxx 600 rises 0.16% to a fourth straight gain. The European benchmark has risen for the last four weeks in expectation that earnings have weathered inflationary pressures, and rate cuts are not far away. This morning's close is the third highest ever. The index finished 0.4% from its all-time high set in January 2022.
Healthcare stocks provide much of the momentum during a low-volume session. AstraZeneca gains 3.2% as the sector puts on 1%.
European miners retreat with copper and iron ore prices. The European basic resources sector loses 1%.
French stocks finish flat after the government cuts its GDP forecast for the year, citing wars in Ukraine and Gaza as headwinds.
Germany's DAX index loses 0.15% after the Bundesbank warns the country is likely in recession as demand for exports declines.
US futures remain positive ahead of the resumption of trade tonight. S&P 500 futures firm 0.1%. Dow futures edge up 0.04%. Nasdaq futures put on 0.24%
Iron ore and other steel-making ingredients slide as trade resumes in China after the week-long Lunar New Year break. The most active ore contract in Singapore unwinds almost all of a 3% advance made during the holiday, dropping 2.91% as China ore futures decline 0.52%. Coking coal sheds 4.6%. Coke loses 3.2%. The selling pressure follows a 4% increase in iron ore inventories at Chinese ports and data showing profitability at steel mills has slumped again.
Gold firms 0.3% as conflict in the Middle East aids the metal's haven appeal.
Oil nudges higher in thin trade. Brent crude rises 0.1% to US$83.56.
